However, after making a deposit of $5,000 for the vehicles Setsofe declined to pay the rest of the money and went into hiding.

Setsofe, charged with fictitious trading, forgery of documents, possession of forged documents and issuing false cheque, pleaded not guilty to the charges and the court presided over by Mrs Abena Oppong Adjin-Doku admitted him to bail in the sum of GH¢2 million with five sureties, two of whom to be justified.

He is expected to reappear on May 3.

Mr Thomas Aubyin, defence counsel for Setsofe said the accused had no intentions of defrauding the company and that he was into a genuine business.

According to Mr Aubyin, Setsofe was embarking on a science project but the demise of Professor Evans John Atta-Mills truncated this project.

Defence counsel had earlier prayed the court to admit his client to bail because he would appear to stand trial.